Identifying Entrepreneurial Opportunities Assignment : Sports Grill House

Added on - 21 Feb 2021

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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Evaluate various sources of entrepreneurial ideas and innovation..................................3TASK 2...........................................................................................................................................5P2. Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques...............................................................................................................5TASK 3............................................................................................................................................6P3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea.........................................................................................................................................6P4. Interpret data appropriately to provide evidence of market potential..............................8TASK 4.........................................................................................................................................11P5. SWOT analysis of an entrepreneurial idea.....................................................................11P6 Evaluate the competitive and market environments in which idea will be launched toassess potential viability.....................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES.............................................................................................................................15
INTRODUCTIONEntrepreneurial opportunities mean generation of new ideas in order to produce goods,services, market, raw material which can be successfully used to gain economical advantageousfor stakeholders. Furthermore, entrepreneur is a person whose main motive is to earn more profitas it will help them for expansion of their business at global level. Along with this, they alwaysmake some changes in the business activities so that they can capture market share as well asgrab many opportunities. For this, entrepreneur also bear risks which creates problem in theirinnovation and performance. In this present report, a new start up business of open restaurant ina playground form named as Sports Grill House is planned to be launched. In relation to this,entrepreneur target teenagers, sports person as now a days most of the people love sports so itwill be helpful for entrepreneur to run their business in an effective manner. This reportdiscussed about the various sources of entrepreneurial ideas and innovation, as well as marketanalysis for a specific entrepreneurial idea is also going to be covered. At last, SWOT analysisand Porter's five force model has been discussed.TASK 1P1. Evaluate various sources of entrepreneurial ideas and innovation.Now a days, youth wants to establish their own business, for that government of UK aidsthem in order to attain their goals or fulfilling their dreams effectively. This is because, theycome with new innovative ideas which are beneficial for both economy and individual as itenhance their standard of living as well as growth (Boling, Pieper and Covin, 2016)With thehelp of this, they become successful entrepreneur and get more opportunities for expansion ofthe business. In relation to this, government also provides them funds and platform, so that theyentrepreneur use their idea and innovate something new and different. In addition to this, STEEPmodel have been elaborated for analysing an opportunities and external factors. This model isexplained as below:-Interest and hobbies (Social Source)It is a very important source of generation of an idea or some innovation (Campos and et.al., 2015).With the help of this, they enhance their way of thinking and learn many thinks by
which they get helps at the time of starting business. The reason behind of successful business isthat every entrepreneur should have interest in a particular field as well as passionate towardsworking. In context to Sports Grill House restaurant, the sports themed restaurant will going tobe opened as its owner's idea is developed with the interest on sports which is beneficial for themas it motivates them at every stage and will leads to success.Mass media (Technological)Various up gradation in technology have influenced idea ofSports Grill House restaurantas latest with the help latest technology they will easily able to promote their products as well asservices with customers in effective manner. Therefore, it can be said thatwith latest technologyentrepreneurs will be able to promote their business as well as product at market place as itgenerate awareness and information in the market so that they can attract customers towards theirbusiness (Davidsson, 2015).It can be further said that there are various source of mass media bywhich they promote their business such as radio, magazines, electronic newspaper and internetand so on.Along with this, they also focuses on advertisement and commercials so that they canadvertise it in an effective way. This is because advertisement and good promotion aidscompanies for enhancing their sale as well as profit though attracting ample amount ofcustomers. In context to the idea of Sports Grill House restaurant, the marketing team willadvertise its products with the latest technology.Customer surveys (Economical)The customer surveys aids entrepreneur to check the viability of their ideas. In addition tothis, an effective entrepreneur analyse the whole market for estimating customers taste andpreferences as well as their buying behaviour (Hang, Garnsey and Ruan, 2015).In relation to theidea of Sports Grill House restaurant, the main aid of the concept is to deliver such products thatwill be liked by each and every single individual. As per the market analysis they target youth orsports person for enhancing the value of business at market place. Along with this, they willprovide delicious food at affordable price as they will target youth so it will be compulsory forthem to provide goods in reasonable rate which will attract customers toward it.Eco friendly (Environmental)Constantly opening of cafe is resulting in increase of pollution level in the environmentas all of these Cafe's are containing various equipments that are harmful for the environment aswell as people. This have inspired the idea of Sports Grill House restaurant as the theme of the
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